Acceptable Letter of Credit Provider definition

Acceptable Letter of Credit Provider means a financial institution rated at all times, as to its senior unsecured unsubordinated indebtedness, at least Baa1 by Moody’s and at least BBB+ by S&P.
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Acceptable Letter of Credit Provider has the meaning given to such term in the Depositary Agreement.
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Acceptable Letter of Credit Provider means a financial institution (A) with senior long-term unsecured and unguaranteed debt rated A3 or higher by Xxxxx'x or A- or higher by S&P, (B) the obligations of which are guaranteed by an entity with senior long-term unsecured and unguaranteed debt rated A3 or higher by Xxxxx'x or A- or higher by S&P or (C) whose letter of credit is confirmed by an entity with senior long-term unsecured and unguaranteed debt rated A3 or higher by Xxxxx'x or A- or higher by S&P.
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Examples of Acceptable Letter of Credit Provider in a sentence

  • Any Lender (or an Affiliate of a Lender) may become a DSR LC Issuing Bank at any time by written agreement between the Borrower, the Administrative Agent, and such Lender; provided that such Person shall be an Acceptable Letter of Credit Provider if it will be a DSR LC Issuing Bank.

  • The Planning Director will forward a copy of the plat to the County Sanitarian who will review the plat for compliance with sewage disposal regulations.

  • On or prior to the Execution Date, Sxxx shall provide to Covert and Harquahala, as joint beneficiaries thereof, an irrevocable, on-demand letter of credit in the face amount of $32,500,000, substantially in the form attached hereto as Attachment A, and otherwise in form and substance satisfactory to the Administrative Agent in its sole discretion (the “Sxxx Letter of Credit”) issued by an Acceptable Letter of Credit Provider (as defined herein).

  • If at any time the issuer of the Sxxx Letter of Credit no longer qualifies as an Acceptable Letter of Credit Provider (as defined herein), Sxxx shall, within five (5) Business Day (as defined herein) of the occurrence of such event, replace the Sxxx Letter of Credit so provided with a Sxxx Letter of Credit satisfactory to the Administrative Agent in its sole discretion and issued by a new Acceptable Letter of Credit Provider (as defined herein).


More Definitions of Acceptable Letter of Credit Provider

Acceptable Letter of Credit Provider means a financial institution rated at all times, as to its senior unsecured unsubordinated indebtedness, at least A3 by Xxxxx’x and at least A- by S&P.
Sample 1
Acceptable Letter of Credit Provider means a bank or trust company with a combined capital and surplus of at least $10,000,000,000 whose long-term unsecured senior debt or issuer rating is rated at least “A” by Standard and Poor’s Corporation or at least “A2” by Mxxxx’x and who is otherwise reasonably acceptable to the Administrative Agent, Harquahala and Covert.
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Related to Acceptable Letter of Credit Provider

  • Acceptable Letter of Credit means a clean, unconditional, irrevocable letter of credit issued by a Wisconsin bank or any other financial institution acceptable to the commissioner which renews on an annual basis for a 3–year term unless written notice of non- renewal is given to the commissioner and the limited service health organization at least 60 days prior to the renewal date.

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Credit Provider means a Person providing a guaranty, or other credit support, in form and substance reasonably acceptable to the Administrative Agent, of the obligations of an Included Investor to make Investor Capital Contributions.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the obligations of the Borrower to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Irrevocable letter of credit means an irrevocable letter on the financial institution’s standard form containing a request that the party to whom it is addressed pay the bearer or a person named therein money as a result of failure to perform or fulfill all the covenants, undertakings, terms, conditions and agreements contained in a contract.

  • Trade Letter of Credit shall have the meaning provided in Section 2.01(a).

  • Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

  • Commercial Letter of Credit means any letter of credit which is a commercial letter of credit issued in respect of the purchase of goods or services by the Borrower or any of its Subsidiaries.

  • Facility Letter of Credit means a Letter of Credit issued by the Issuer pursuant to Section 2.2.

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • U.S. Letter of Credit means any letters of credit issued or to be issued by the U.S. Issuing Bank under the U.S. Subfacility for the account of the U.S. Borrowers pursuant to Section 2.13.

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • Letter of Credit Request shall have the meaning provided in Section 2.03(a).

  • Letter of Credit Payment means any amount paid or required to be paid by the Issuing Lender in its capacity hereunder as issuer of a Letter of Credit as a result of a draft or other demand for payment under any Letter of Credit.

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee may draw thereupon in the event the Servicer fails to deposit SUBI Collections into the 20[__]-[__] SUBI Collection Account on a monthly basis.

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit D, together with the standard form of application for letter of credit used by the applicable Issuing Bank, signed by a Senior Officer of the applicable Borrower and properly completed to provide all information required to be provided therein.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Administrative Agent maintained at the office of the Administrative Agent at 200 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the “Delphi Letter of Credit Account” that shall be used solely for the purposes set forth herein.

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank’s Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

  • Standard Letter of Credit Practice means, for Issuing Bank, any domestic or foreign law or letter of credit practices applicable in the city in which Issuing Bank issued the applicable Letter of Credit or, for its branch or correspondent, such laws and practices applicable in the city in which it has advised, confirmed or negotiated such Letter of Credit, as the case may be, in each case, (a) which letter of credit practices are of banks that regularly issue letters of credit in the particular city, and (b) which laws or letter of credit practices are required or permitted under ISP or UCP, as chosen in the applicable Letter of Credit.

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).